Luxury cars at throwaway prices!

NEW DELHI: These love affairs don't last long. They usually fizzle out after 10,000 km or so. Heartbeats drop, the once gorgeous curves lose their charm and familiarity sets in with the predictable climax of a celebrity fling. So, if you ever thought of spending the rest of your life with your dream car, think again. Whether it's Italian, German, Brit or Japanese - an exotic pedigree doesn't guarantee fidelity. Ask luxury car owners. With a rising number of jilted lovers putting their prized wheels on the block, the Indian pre-owned luxury car market has become the equivalent of a connoisseur's flea bazaar, with Rolls Royces, Bentleys, Ferraris, Porsches and BMWs jostling for attention at throwaway prices. "It's not difficult to find almost a brand new luxury cars at half its original price," says Shyam Mohan Sharma, the owner of Vintage Cars and a well-connected agent for pre-owned luxury cars in the Capital. "Top industrialists such as the Singhanias, the Modis and the Mittals know me very well," he claims and further goes on to add that these blue-ribbon families replace their cars at will. At present, this broker who has more than 16 years of experience in this business, has a 2006 Bentley Flying Spur that has done only 10,000 km for Rs 1.2 cr, a 2009 BMW 730LD which has 3000 km on its odo for Rs 60 lakh, a 2006 Porsche Carrera which has done 15,000 km for Rs 65 lakh and a one year old Ferrari 430 for Rs 2 cr. "Ours is a business which thrives on contacts," says Sharma. "Most of these cars belong to people who want to upgrade to a new car. They ask me to look for buyers and I charge a commission for it." Till date, Sharma's prized deal was a 2008 Rs 4.1 cr Royce that had done 4000 km. In the end, he managed to sell it for Rs 3 crore. Brokers such as Sharma usually earn a commission of about 2% per deal - 1% from the buyer and 1% from the seller. It also depends on the relationship that the broker shares with his clients. "The commission can range between 0.5% and 2%," pointed out another Delhi-based pre-owned luxury car agent who did not wish to be identified. So, for a deal of 50 lakh, agents can pocket a neat Rs 1 lakh. On an average, these middlemen sell about 10 cars per month.

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